Thinking of buying your first home?
Your reasons should determine your strategy.
You should first weigh the benefits of Renting vs. Buying. In the long-range view Rents tend to rise whereas Fixed Rate Mortgages stay the same.You may need to settle for something smaller if you purchase so that it remains affordable. You may need to accept a further commute and all of its associated costs.
But there are Rewards:
- Appreciation-you will presumably, in time,end up with a property worth more than what you paid for it.
- Leverage-you benefit from the appreciation on property you haven't yet paid for
- Tax-breaks
There are also Risks you should be aware of:
- Potential decline in value
- Lost Opportunity-other investment rising higher and faster
- Maintenance-taking care of upkeep on a home costs money
- Reduced Mobility-Real Estate is not a liquid asset
YOUR STRATEGY
How much home can you buy? 
- You need to clean up your Credit- the Lender will scrutinize.
- You will need to Pre-qualify- it should be free and may be done over the phone
- When you meet with your Mortgage Broker - you will need tax returns, pay stubs, and other financial data
- Find out how many and which programs you qualify for and weigh the options.
Choose an Agent- The Listing Agent of a property you are interested is working for the Seller. You need an Agent who will be working for you. Ask what kind of Agency Contract they offer and what compensation they expect.
House Shopping- Do Not Start With Price -That age old adage Location,location still rings true. Another important criteria is the condition of the property.
Price can be negotiated! A good quality home in a good location can be altered for your specific needs in the Future.
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Interest Rates are still Low!!And there is a great supply of Inventory!
Now is the time to Buy a home in New Hampshire...It's a Great Place To Live!!
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Concord NH Realtor Area Information
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Joan Mirantz - Joni is a Realtor® with Keeler Family Realtors, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
Simple but to the point. I would be grateful if i were a buyer and you let me know the ups and downs....and definitely have my trust to represent me in a purchase. Woohoo!
If I could afford the housing prices I'd move to NH in a minute! But the prices up there are 3 times what they are here - minimum!
I don't like the dual agency role. It's too fine a line to walk. When I receive calls that develop into a client I immediately tell them that I would rather they meet 3 other agents from my office and choose one to represent their interest. It keeps me from having to walk that tightrope.
Carol...housing here is expensive you are right on that one.
Tha whole agency question is a sticky wicket. Our office doesn't do dual agency. We represent our Sellers.....so if I have a Buyer Client that is interested in one of our listings they know they have the option of retaining another agent to help them on that particular property.
Howdy Joan...You have some great tips here! Now is the time to buy.
what a nice succinct explaintion for first time homebuyers. I love the way that you have put it together. Thanks - I'll be sharing this with some of my FTB and Agents.
Joan,
Very nice post. It's packed full of good information but simply put. Definitely something all buyers should understand as they make a home purchase. Thanks so much posting.